Rabat — Morocco and Egypt seem to be on track towards boosting their trade relations as the two countries held a significant Egypt-Morocco Investment and Trade Forum on Sunday in Cairo.
The gathering brought together officials, economic players, and business leaders from Morocco and Egypt under the theme “A Broad Economic Partnership.”
The forum is part of the visit of a Moroccan economic delegation to Egypt from the 3rd to the 5th of this month, led by Morocco’s Secretary of State for Foreign Trade, Omar Hejira.
The General Confederation of Moroccan Enterprises (CGEM), in coordination with the State Secretariat for Foreign Trade, initiated the mission with the aim of strengthening the presence of Moroccan products in the Egyptian market. This includes both increasing avenues for exporters from both countries as well as creating investment opportunities.
The delegation has set an ambitious target of reaching $500 million in Moroccan exports to Egypt by 2026.
Meanwhile, the forum offers a chance to establish productive partnerships between the economies of both countries.
Business leaders and Moroccan companies attended the event from various sectors, including agriculture, food and automotive industries, electricity, electronics, textiles, seafood products, energy and renewable energies, pharmaceuticals, medical and paramedical products, cosmetics, and construction.
Both Hejira and the Egyptian Minister of Investment and Trade Hassan El Khatib co-chaired the forum, reflecting a shared commitment to explore significant potential for cooperation and complementarity between the two countries.
The economic meeting sets the tone for a further deeper cooperation, not only between Morocco and Egypt, but potentially to develop partnerships with other African countries.
This Moroccan economic mission to Cairo follows El Khatib’s visit to Morocco on February 27, when he met with Moroccan officials.
During El Khatib’s visit, high-level officials met to agree on joining efforts to facilitate trade between Morocco and Egypt, one of them being the creation of the Egyptian “Fast Track” system.
The newfound system aims to increase the volume of Moroccan exports to Egypt — particularly in the automotive sector — and promote trade partnerships and business networks between private sector players from both countries.
Exports from Egypt to Morocco have increased at an annualized rate of 9.17%, growing from $614 million in 2018 to $953 million in 2023.
The main exported products from Egypt to Morocco included video displays ($76 million), vinyl chloride polymers ($51.8 million), and tropical fruits ($51.4 million).
Meanwhile, Morocco’s exports to Egypt have decreased at a rate of 14.7%, declining from $97.7 million in 2018 to $44.2 million in 2023.
During this period, the main products included cars ($6.11 million), insulated wire ($4.9 million), and coffee and tea extracts ($4.35 million).
